What is the LL’s rights for early termination by the Tenant
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What is the LL’s rights for early termination by the Tenant
What are the Landlord’s rights to penalty fees or liquidated damages, if the Tenant terminates early and gives 60 days notice? An Early Termination Fee/Liquidated Damages Addendum was included in the lease agreement and was signed by both parties, but neither option was selected for an early termination fee OR agreeing to liquidated damages acknowledging that the LL may seek damages as provided by law
Asked on November 22, 2017 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
If the Early Termination Fee/Liquidated Damages Addendum ("Addendum") required the tenant to select one or the other option and he/she failed to do so, then the tenant had no early terminate right and could be sued by the landlord for the lesser of--
1) the remaining rent due under the lease for the balance of the lease term, until expiration (e.g. if 5 months are left in a one-year lease, for 5 months or rent); or
2) the rent due until the space is re-rented with the landlord making reasonable and normal efforts to re-rent (e.g. if it is re-rented in 3 months, the landord could get 3 months of rent).
The lease is a contract; the tenant is obligated to all rent due under for its full length or duration except if the lease (or the Addendum) allows early termination for a lesser amount or penalty.
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